Gold Soars to $1,400 as World Bank President Debates a Return to Gold Standard
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| World Bank President Robert Zoellick advocates the world go onto the gold standard, representing a departure of 20 years of U.S. policy to leave exchange rates to markets. |
Yesterday, the President of the World Bank, Robert Zoellick discussed the idea of using gold as a "reference point of market expectations about inflation, deflation and future currency values."
He went on to say, "Although textbooks may view gold as the old money, markets are using gold as an alternative monetary asset today."
Mr. Zoellick's comments were timed in advance to a meeting later this
week of the G20 nations in South Korea.
Zoellick's bold statements about gold coupled with concerns over
Ireland's debt problems resulted in higher prices for gold, which surged
to a new high: over $1,400 an ounce today.
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